Tenax Therapeutics Inc (NASDAQ: TENX)
Tenax Therapeutics is off to a rough start in the market today. While the opening bell has just rung, the stock is already in the red and has been halted to stop further declines. The movement is the result of the release of clinical data that was disappointing, to say the least. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching for with regard to TENX ahead.
What We’re Seeing From TENX
While the market literally just opened, Tenax Therapeutics is in the red, and believe it or not, it hasn’t started trading. Early this morning, declines started to hit the stock hard in pre-market trading following the release of clinical data. From there, at 8:49 ET, TENX was halted at $1.90 per share after a loss of $0.05 per share, or 2.56%.
What’s Happening With The Stock?
As is usually the case, our partners at Trade Ideas were the first to inform us of the halt. As soon as they did, the CNA Finance team started digging to see exactly what caused the fall to a halt. The answer seemed to jump off of the page at us. Unfortunately, TENX released clinical data that wasn’t up to par with investor expectations.
The data came from the Phase 3 LEVO-CTS trial. Unfortunately, the study missed the primary dual endpoint of statistically significant reductions in death or use of a mechanical assist device at 30 days. Tenax Therapeutics also missed the quad endpoint of death, myocardia infarction, need for dialysis, or use of mechanical assist device at 30 days. In a statement, John Kelley, CEO at TENX had the following to offer:
“We are disappointed and surprised by the top-line results from this trial, especially given the promising results from earlier published clinical trials. On the other hand, we are encouraged by the statistically significant reduction in incidence of LCOS and use of postoperative secondary inotropes, both of which we believe are clinically important. This is consistent with what we know about how this drug works. In addition, we continue to review the full data set, including the in-process data collection on all-cause mortality through day 90, and will share our complete findings at the upcoming American College of Cardiology (ACC) meeting in March… We thank our clinical collaborators and their patients who participated in this clinical trial with the hope of improving not only their own outcomes, but also the outcomes of future patients undergoing cardiac surgery.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on TENX. In particular, we’re interested in learning what the next steps for the company might be. We’re also interested in the 90-day data that will be released relatively soon. We’ll keep a close eye on the news and bring it to you as it breaks!
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Update (9:53): Tenax Therapeutics reopens far lower. Currently trading at $0.48 per share after a loss of $1.47 per share (75.15%) thus far today.
Update (10:15): It looks as though TENX has leveled out around the $0.50 per share mark.
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